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C2020-605 · Question #54

What is the difference between currency conversion codes I and C?

The correct answer is C. Code I calculates opening balance rate, code C copies the opening balance amount. See the full explanation below for the reasoning.

Question

What is the difference between currency conversion codes I and C?

Options

  • ACode I uses no currency conversion for the opening balance; code C copies prior year's average
  • BCode C copies prior year's average rate for opening balance; code I calculates prior year's
  • CCode I calculates opening balance rate, code C copies the opening balance amount.
  • DCode C copies prior year's average rate; code I uses prior year's closing rate for opening balance.

How the community answered

(18 responses)
  • A
    6% (1)
  • B
    6% (1)
  • C
    72% (13)
  • D
    17% (3)

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